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If you haven’t heard the news, Bitcoin is rocking its highest price since May 2022. In a time where major moves weren’t expected, it has suddenly gone well back up. When we say up, we don’t mean the regular price jumps that put it close to $30,000. This time, the
Late last night, Bitcoin went on a major run that seemingly had no fuel behind it. But, the price jump occurred due to some fake Bitcoin ETF news. While optimism around Bitcoin ETF’s has grown considerably lately, there’s been nothing on that front so far. On Tuesday, some media outlets
No good or fresh news on the Bitcoin price front. The debilitating price drops continue with slight shoots up that aren’t enough to get Bitcoin over the $27,000 hump. It’s clear that the market isn’t headed in the right direction, and despite some positive signs, it seems there’s always some
The latest news surrounding Bitcoin’s price have been nothing but positive. For the first time in a while, the prices are slowly climbing up, with Bitcoin reaching key levels week after week and setting the tone on the market. And it’s not just a gimmick. According to experts, Bitcoin has reached a special golden cross threshold which only spells positive news.
This bullish signal usually foreshadows short-term gains. Prices have already gone up by 1% since the latest cross, but bigger gains are expected.
What’s a Golden Cross?
The golden cross is a term which explains an occurrence where the 50-day moving average for an asset crosses the 200-day moving average. The latest such cross for BTC occurred on February 18, followed by immediate gains. Since 2015, Bitcoin has only seen six other crosses. A golden cross also occurred in mid-August 2021, and we all know how prices exploded later.
There was another cross occurring on February 7 which saw a 5.7% price decline in the next couple of days. However, they’re rebounded by 13% since then, which means a 6.6% increase. Every time a golden cross occurs, prices go up. With Bitcoin flying high, the crypto and altcoin markets benefit greatly.
And, if you take a look back, you’ll see that Bitcoin has historically enjoyed great benefits from golden crosses. The average seven- and thirty-day returns in the six golden crosses since 2015 were set at 2.7% and 10.6% respectively.
If Bitcoin performs to the average, prices should soon breach $26,500. The $24,000 level was breached days before, and Bitcoin has been flirting with $25,000 in the past 24 hours. Currently sitting in the low $24,000s, it’s all about psychology now. Investors are anxious to see if it goes up over $25K and hold that level, which might make many return to the market.
In the pats few days, Bitcoin has alternated between positive and negative gains on average volume. There’s no clear direction, but the overall sentiment has been positive after more than a year of nothing but negative news.
AI Predicts Bitcoin’s End of 2023 Price
There’s been a lot of hype surrounding AI in the past few months, more specifically because of ChatGPT. While its use has been heavily debated, there’s no question that these tools can prove to be useful on some levels. One such AI took on the impossible task of predicting Bitcoin’s price by the end of the year.
Predicting Bitcoin’s price in a few weeks is hard, and predicting the price by the end of the year is nearly impossible. No AI is perfect, but this one’s predictions were pretty realistic. It accessed data from Finbold on February 21, predicting a mid-year price of $31,520 and a year end price of just over $33,000. That’s a total increase of 34%, which sounds plausible.
Of course, things can change depending on which way the wind blows. But, it’s not far off today’s mark, and we’d be happy if the AI’s predictions turn true.
The latest US inflation reports were a bit too hot to handle. According to the Fed reports, tight monetary policies will continue, and that has resulted in another price dip for the biggest cryptocurrency by market volume. It occurred just minutes after the news broke out, which also sent stock futures down a bit too.
Traders are always keeping an eye on the inflation. It has remained high for months, but signs point to it slowing down. This should give the Fed some space to pause the interest rate hike, but there’s obviously more work to be done.
Luckily, it didn’t take long for the price to regain its earlier levels. It ticked back to over $22,000 on February 14, showing composure we haven’t seen for a long time. Last week, the price has stalled, and this week’s performance was more or less expected.
Five-Day Highs on CPI
According to data from Cointelegraph and TradingView, CPI data broadly conforms to market expectations. There’s a lack of panic on the crypto market, and the trading range is tight. Whales have reduced long BTC exposure, setting up a possible trap for retail investors.
As investors are digesting the latest FED and SEC reports, it’s great that Bitcoin has managed to regain its $22K level. Previously, it has managed to hold the $22,500 support level for 20 days. Since then, it has traded that level with a tight trading range and resistance at $22,000. Things look even better after SEC chairman Gary Gensler told crypto companies to ‘follow the law’ early in January, which looked like it could lead to a crackdown on the crypto market. All crypto companies are now legally obliged to register with the SEC, and that hasn’t managed to drop the price further. And that’s a great thing.
According to traders, further pressure from the authorities is expected. The traditional market looks for further data before adding bullish positions, with investors happy to wait until the Fed displays conviction on the rate increase movement. While the odds currently favor bears, there’s no question that a lot needs to happen before they take over the market.
Short-Term Outlook
In the short term, Bitcoin is expected to retain the current outlook. However, traders are more interested in the long-term outlook, which looks like it might contain a price hike. Of course, it will all align with the macro-economic market and the expected Fed price hike which might hit 25 basis points. The next two meetings are in March and May, and they might have a more profound impact on Bitcoin’s price.
One thing’s for sure – 2023 is shaping up to be a different year for Bitcoin. A continued inflation slowdown will give the crypto market and Bitcoin the fuel they need and put them in a great position for further price hikes.
No news on the Bitcoin price front, with a similar situation to last week. While that might have sounded like a bad thing months ago, it’s actually a pretty good sign now. After a rough start to the week, the market is in the green again, with slight, but important gains for the world’s biggest cryptocurrency and altcoins too.
On Tuesday, the crypto market took a breather. It was a welcomed pause after a string of price jumps back to consolidated levels. The surge in price at the beginning of 2023 was a welcome sight for everyone, but it seems like the rally has reached its peak. While some are expecting declines which we saw on Monday, things have gone back up in the past couple of days, showing that the market is consolidating.
What Happens Next?
After a very disappointing few years, cryptocurrencies are having a redemption year in 2023. Or that’s what most investors think, considering how the year started. In the long run, great things are expected. In the short run, though, there’s risk of an overbought market. That’s the current condition, with Bitcoin’s price stalling being unable to break over the $24,000 level.
We mean that in the most positive way. The fact that it has managed to climb back to the level it lost a few days ago is a sign that the market is more mature than before. Some experts believe that the price will stall and fall back further, paving the way for a bearish market. Of course, we don’t need to be that pessimistic. As the past week showed us, there’s plenty of room for the price to grow, and we don’t mean record-breaking prices. Those small increments and yo-yo-ing without massive price changes is possibly the thing Bitcoin needs right now.
The recent crypto market rally is almost a replica of the one found in the stock market. As investor sentiment about digital currencies improves, S&P 500 and Dow Jones Industrial Average are seeing positive climbs too. We already know that Bitcoin is much more related to macro-economic factors than previously thought. It’ll move forward in line with stocks and technology, although if it gets high enough, it may break off and move on its own.
No Crypto Winter in Sight
Before the winter began, there was global hysteria of a nuclear winter and cold winter months with no heating due to the problems with gas imports from Russia. That never came to life. Most of Europe has had above-average temperatures this winter, and the whole gas import thing wasn’t as serious as Russia implied. The dead-cold winter didn’t happen, and there was never a crypto winter as well.
Bitcoin has never closed two consecutive years with a drop. After seeing a year to remember, Bitcoin is back up, and all signs are pointing to a bull’s market. No one is sure if we’re in the clear, but it seems like it. One thing’s for sure – the crypto winter is gone, and for now, it’s not looking like it’ll return for a while.
It has been a pretty good week for Bitcoin and crypto fans. The price has finally broken the $23,000 deadlock and bigger things are expected going ahead. But not before a correction which will let investors buy the dip. Currently holding the $23,100 level, Bitcoin remains at a risk of slides. In the past few days, there was a big break on the hourly chart of the BTC/USD pair, with support near $23K.
Unless it climbs over $23,250, experts believe the pair could decline in the $22K range. Resistance is currently set at $23,500 and further at $24,000, and it may take a while before Bitcoin heads to that territory. But, compared to recent weeks and speculation, things are finally much better than before. Some believe that the current situation is reminiscent of the 2019 bull revival which could put Bitcoin and many altcoins in the territories we dream of so much.
BTC’s Price Correction Begins
Bitcoin’s price correction is well underway. For a bit, it managed to get over $23,800, but it couldn’t push past the $24,000 resistance zone. With a new swing just below $24K, the price saw a downside correction, although not a dip as we’ve seen in the past few months. The low is formed at a precise point of $22,519. The price is currently correcting losses, with the next major resistance at $23,200.
The key thing that needs to happen right now is breaking past the $23,250 level. Unless BTC reaches that point, the downside correction will continue. The good news is that the support line is at $22,650, so no major drawbacks are expected. If anything, many will see this as an opportunity to buy the dip and make profit moving further ahead.
If you believe stats and machines instead of experts, more good news will follow. According to a recent report, machine learning algorithms at PricePredictions have put the world’s biggest cryptocurrency by market volume in the mid-$24,000 level by the end of February. This AI program uses different technical indicators and other stuff to forecast the price by a set date, in this case February 28.
Bull Revival Happening?
It’s too early to tell if this is the same situation as the 2019 bull revival, but it certainly looks like it. Four years ago, Bitcoin’s climb coincided with the fed taking its foot off the pedal. It’s happening now too, which coincides with a 40% climb for Bitcoin in January. The Fed is planning for a slower rate increase in the following months, so many believe a big price climb is on the books.
Just to remind you, Bitcoin climbed 250% in the mid-2019 bull revival. While that might be difficult right now, there’s no question that the potential is there. The current market conditions are in favor of such a thing which will see the biggest cryptocurrency on a run like never before. Many people dream of such a scenario, and while we prefer to be cautious, it would be a dream.
It took a bit of a time, but Bitcoin’s latest surge getting back to $22K and over came faster than expected. Everyone believed that the price will continue falling in the wake of FTX’s implosion, yet it only took a few months. Bitcoin is now back to the level it was before that happened, and even a bit higher.
It took a slight dip to the mid-$22,000 level, but nothing too concerning. The only thing no one can crack is if the rally is for real or another bull trap? Both gold and Bitcoin are up at the start of 2023, but they’re rising for different reasons.
Weaker Dollar and the Fed
One of the world’s most valuable assets has been rising up in price at the start of the year. Gold rises due to the weaker Dollar and as a hedge against inflation. On the other hand, Bitcoin’s price hikes with other high-risk assets. There’s speculation that a Fed pivot will greatly help 2022’s biggest losers, and Bitcoin is high up on that list. Trading volumes are also up, and may suggest another rally.
This has led many experts to be very positive about Bitcoin’s price moving forward. The whole cryptocurrency market might go up in February. It could also spell positive things for the macroeconomic global situation. The FOMC will meet on January 31 and February 1, and it might have a major impact on Bitcoin’s price. Fed’s monetary policies against recessions may also determine Bitcoin’s value this year. Rate hikes might get slower as per latest reports, and it could all turn positive for Bitcoin.
To be honest, it certainly needs it. The cryptocurrency market as a whole needs such a boost. Things have been slow for some time, but as soon as Bitcoin goes up, it could have positive repercussions for the world’s macroeconomic situation. Things have been better than expected, erasing those grim energy and finance predictions for this winter. We’re already halfway through, and Bitcoins’ surprising rally in the past few weeks could be a sign of a blooming spring.
Wave Four of a Five-Wave Movement?
According to some experts and bulls, Bitcoin’s rally could currently be in the fourth wave of a five-wave movement. On the daily RSI scale, Bitcoin is bullish, but overbought. The rising prices show a clear sign of a long-term bullish reversal. There might be a short-term retracement, but that will provide the fuel Bitcoin needs to go even higher.
Bitcoin’s price has been dropping since November 21. At that point, it has fallen to a low of $15,476. Since then, it has struggled to go up, but accelerated the price hike on December 30, just before the new year. The price hike was combined with an increasing RSI movement above 70 that further reinforced the price rises.
The next obstacle would be $21K. In the past week, Bitcoin not only reached it, but climbed over. It initially touched over $23,000 for a day or two, but is now sitting comfortable in the mid $22,000. And that’s a good thing, as it gives it a great base to move forward, possibly to new heights.
